The Following Information Was Derived from the 2007 Accounting Records

question 2

Multiple Choice

The following information was derived from the 2007 accounting records of Logan Co.: $\begin{array}{lrr}&& \text {Logan's Goods }\\& \text { Logan 's Central Warehouse}& \text {Held by Consignees }\\\text { Beginning inventory } & \$ 130,000 & \$ 14,000 \\\text { Purchases } & 575,000 & 70,000 \\\text { Freight-in } & 10,000 &\\\text { Transportation to consignees } & & 5,000 \\\text { Freight-out } & 30,000 & 8,000 \\\text { Ending inventory } & 145,000 & 20,000\end{array}$ Logan 's 2007 cost of sales was

• A)$570,000.
• B)$600,000.
• C)$634,000.
• D)$639,000.

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Definitions:

Sankofa

A word from the Akan language of Ghana that expresses the importance of reaching back to knowledge gained in the past and bringing it into the present in order to make positive progress.

Patrilineal Descent

A system of lineage tracing in which an individual's family membership derives from and is recorded through his or her father's line.

Descent Confers Authority

A principle in certain societies where social status, rights, and leadership roles are determined by one's lineage or family heritage.

Phratry

A social unit or grouping larger than a family but smaller than a tribe, often linked by common descent, marriage, or ritual.